You didn't mention what your audio source is. Movies (SD, HD?), CD's, high res audio files, iTunes, Netflix? Some the codecs are the same on the ATV4 so you shouldn't hear anything different.
According to the Apple specs ATV4 supports Dolby Digital 5.1 and Dolby Digital Plus (EC-3) 7.1 where the ATV3 only supported Dolby Digital 5.1 surround sound pass-through. Apple specs don't list the data rates supported.
I find discussions of total available bandwidth available with specific codecs very confusing. For example Wikipedia says:
EC-3 supports 15 "full bandwidth channels at a maximum bitrate of 6.144 Mbps" (Wikipedia). Unfortunately "full bandwidth" isn't defined.
You will also find comments about Dolby Digital saying:
Dolby digital supports 5 channels of 640 kbs which comes out to a maximum of 3.2 Mbps for all 5 channels. Delivered capacities would be less due to the restricted frequency range of some channels, such as the subwoofer.
However if you check with Dolby:
http://www.dolby.com/us/en/technologies/dolby-digital-plus-audio-coding-tech-paper.pdf
they say that the maximum EC-3 for blu-ray 5.1 is 1.7 Mbps and the Dolby Digital maximum for DVD is 448 kbps. Maybe the 640 kbps is the maximum bitrate for all channels combined?
Bottom line: EC-3 has a greater maximum capacity than DD5.1.
The question then becomes the output capacity of the ports. This is just as confusing. Toslink (optical) according to Wikipedia does not have the capacity to support DTS-MA (24 Mbps) or Dolby True HD (18 Mbps). Since the original maximum bitrate was 3.1 Mbps this makes sense. But they also say that the maximum now for optical is 125 Mbps.
I have Paradigm self powered computer speakers with an internal decoder. Talking with the support people they told me that their optical does not have the capacity for higher bitrates so I should use a different connector. This seems to be the popular opinion on the web.
So I think the net of this is that losing the optical connection did not cost you in available bandwidth or quality. You have more available via the HDMI connector on the ATV4.
But then maybe someone else can do a better job of interpreting the bandwidth data.
As for the best audio quality, according to Apple:
https://support.apple.com/en-us/HT204069
Over HDMI, the Best Quality Available setting outputs Dolby Digital 7.1 or 5.1 as uncompressed LPCM. Some receivers might not show Dolby Digital as the current format, even though there's no loss in audio quality.
So the quality that you get is determined in this case by your receiver if you've set the ATV4 to "best quality" Have you checked the audio settings for the Apple TV HDMI in port on your receiver?